The Mortgage Credit Directive Order 2015

Interpretation

2.—(1) In this Order—

“the Act” means the Financial Services and Markets Act 2000;

“appropriate regulator” means—

(a)

in relation to a firm which is a PRA-authorised person, the PRA;

(b)

in any other case, the FCA;

“borrower” has the meaning given by article 61(3)(a)(i) of the Regulated Activities Order;

“consumer credit back book mortgage contract” means a contract which—

(i)

is entered into before 21st March 2016,

(ii)

immediately before 21st March 2016 is a regulated credit agreement within the meaning of article 60B(3) of the Regulated Activities Order, and

(iii)

but for article 28(1), would be a regulated mortgage contract if it were entered into on or after 21st March 2016; or

(i)

relates to the granting of credit in the circumstances described in article 28(1),

(ii)

is entered into on or after 21st March 2016,

(iii)

would be a regulated credit agreement within the meaning of article 60B(3) of the Regulated Activities Order if it had been entered into immediately before 21st March 2016, and

(iv)

but for article 28(1), would be a regulated mortgage contract at the time that it is entered into;

“the mortgages directive” means Directive 2014/17/EU of the European Parliament and of the Council of 4th February 2014 on credit agreements for consumers relating to residential immovable property and amending Directives 2008/48/EC and 2013/36/EU and Regulation (EU) No 1093/2010(1);

“the Regulated Activities Order” means the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001(2).

(2) Unless otherwise defined—

(a) any expression used in this Order which is used in the mortgages directive has the same meaning as in that directive; and

(b) any other expression used in this Order which is defined for the purposes of the Act has the meaning given by the Act.

(1)

OJ L 60, 28.2.2014, p.34.

(2)

S.I. 2001/544.